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A car fund?

January 23rd, 2009 at 05:15 pm

I'd been thinking (maybe a little too much lately)about establishing a car fund. I drive a 2001 Suzuki GV XL7 that has not hit the 50,000 miles yet. We plan to keep this car 'till it dies. The SUV looks great and thus far in great shape (my husband is a car buff and takes great care of it). Thinking ahead, I'd like to start putting money away so that we can pay cash for a new car when the time comes. We have a truck loan now at 0% interest for 7 years and even though we pay no interest, I really hate making the $394.00 a month payment. Do you think this is a good plan?

8 Responses to “A car fund?”

  1. creditcardfree Says:

    Sure...saving for any goal is a great plan!

  2. ralph Says:

    Absolutely! Driving till they drop is the best plan, and saving for a replacement before that happens is perfect.

  3. Amber Says:

    I say go ahead and save if you can, it's a great idea

  4. merch Says:

    Personally, I would pay off the truck loan as fast as you can and then save for a car.

  5. Ima saver Says:

    whenever, I pay off a car, I keep making that payment to myself. It goes to my "new car" fund!

  6. NJDebbie Says:

    Thanks for all of your input.

  7. Koppur Says:

    I think as long as it doesn't take away from a savings like a retirement account or EF, it is a great idea!

  8. fern Says:

    I bought my last 2 cars (Hondas @ < $15K) new, with cash. Yes, save up, nothing beats the feeling of being able to drive around and not have another big bill hanging over your head.

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